Shares in Jaiprakash Associates Ltd fell as much as 4.2 percent, a day after the company reported a 64.2 percent fall in Oct-Dec net profit to 1.11 billion rupees.

The company reported a 17 percent rise in cement volumes to 3.7 million metric tonnes for the quarter, Barclays said in a note. However, EBITDA realisation came down 19 percent over the period due to higher fuel and logistics costs, mitigating the advantage of higher cement volumes.

Finance costs rose 15 percent although earnings were supported by high quarterly real-estate sales, it added.

"Near-term stock performance would be driven by JPA's ability to resolve perception around debt service capability," the note said, adding it expects clarity on sale of Gujarat cement plants to ease near-term debt concerns.